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Type of Role: Investments

Experience Level: VP/Principal/Director

Location: New York City, New York

Salary: $160K - $175K

The Office of Comptroller of New York City, a position established in 1801, is the chief financial officer and chief auditor of the city agencies and their performance and spending. The comptroller also reviews all city contracts, handles the settlement of litigation claims (amounting to $975 million in 2019), issues municipal bonds, and manages the city’s very large pension funds ($240 billion in assets under management as of 2020).

Job Description

The Office of the New York City Comptroller’s Bureau of Asset Management (BAM) supports the Comptroller in his role as investment advisor, custodian, and trustee for each of the five New York City public pension systems. BAM oversees more than $250 billion dollars in assets under management on behalf of New York City retirement systems, proudly serving nearly 800,000 New York City public servants including teachers, firefighters, police officers, and more.

As investment advisor for some of the largest public pension fund systems in the country, BAM due diligences, recommends, and monitors a broadly diversified portfolio of externally managed investments across public equity, public fixed income, private equity, real estate, alternative credit, infrastructure, and hedge funds. Our team invests this portfolio with world-class external fund managers. Our office is a leader in ESG, recognized widely for our corporate governance and asset manager engagement program. Our principle-based ESG philosophy centers around the mitigation of long-term systemic risks posing a threat to our portfolio, including climate risk, labor-relations issues, and more.

We promote a healthy work-life balance for employees, operating under a hybrid work program with three in-office days per week. Located in downtown Manhattan, our office is easily accessible from all five boroughs and commuter plans are offered for all employees. We are proud of our large, diverse, and skilled workforce.

The systems’ portfolios are managed primarily by external investment managers; only short-term cash is internally managed. The Investment Officer, Cash Management will report to the Head of Short-Term Strategic Portfolio and Trading and will be responsible for the investment of a portion of the $1-6 billion of short-term funds for the New York City retirement systems as well as the investments of a portion of the $12-20 billion invested on behalf of other NYC agencies.

The Senior Investment Officer will assist in overseeing the investment activity of the Systems’ private equity fund investments. Under the supervision of the Private Equity Asset Class Head, responsibilities include, but are not limited to, the following:

– Leading initiatives to identify, review, and evaluate prospective investment opportunities; conducting due diligence on investment opportunities; updating internal database of prospective investment opportunities;

– Developing framework for analyzing the historical track record of prospective investment opportunities and other financial analyses; constructing financial models and performing technical analyses; summarizing the due diligence findings in investment recommendation memoranda for internal Investment Committee and Boards of Trustees;

– Preparing and presenting investment recommendations and results to BAM’s Investment Committee and the Systems’ Boards of Trustees;

– Reviewing deal documents and working with the investment team, the General Counsel’s office, and consultants in negotiating terms and conditions of new investment agreements and other related contracts;

– Monitoring and managing the portfolio of existing investments to ensure compliance with the terms of the limited partnership agreement and other contracts and expectations; overseeing development of internal database of existing investments; preparing presentations and analyses used in annual implementation and strategic plans;

– Designing criteria and parameters for research analyses on market trends, strategies, industries, sectors, geographies, and other topics as required; ensuring the accuracy of partnership reporting, including the financial statements, quarterly reports, notices of distributions, capital calls, and investment valuations;

– Reviewing and making recommendations on amendment requests, consent notices, and other contract changes; participating in limited partner advisory committee meetings, annual meetings, and quarterly update calls; writing investment update reports, briefing memoranda, and meeting summaries

– Utilizing relationships with general partners to monitor fund developments; designing reports to track Systems’ investment activity; and assisting in developing agenda for investment conferences and other events; and,

– Performing related assignments or special projects as may be required.

Minimum Qualifications

– A Master’s degree from an accredited college or university in business, economics, finance, accounting or a closely related field, and four (4) or more years of progressively responsible experience in a financial services organization handling complex financial transactions with considerable exposure to private equity funds or similar experience at a consulting firm/bank; or,

– BS/BA degree from an accredited college with major studies in the fields mentioned above and six (6) or more years of progressively responsible professional experience as described above; or,

– A satisfactory equivalent of education and experience mentioned above.

Preferred Skills

– Must possess an expert knowledge of financial principles and concepts that are crucial to the underwriting and valuation of private equity partnerships – Experience in investment manager sourcing and due diligence, portfolio management, structuring, and monitoring – Professional certification such as CFA or CAIA, or equivalent – Excellent accounting, financial, writing, presentation, interpersonal, communication and organizational skills – Expertise with Microsoft Office applications including Word, Excel, and PowerPoint.

Public Service Loan Forgiveness

As a prospective employee of the City of New York, you may be eligible for federal loan forgiveness programs and state repayment assistance programs. For more information, please visit the U.S. Department of Education’s website at https://studentaid.gov/pslf/.

Residency Requirement

New York City residency is generally required within 90 days of appointment. However, City Employees in certain titles who have worked for the City for 2 continuous years may also be eligible to reside in Nassau, Suffolk, Putnam, Westchester, Rockland, or Orange County. To determine if the residency requirement applies to you, please discuss with the agency representative at the time of interview.

Additional Information

The City of New York is an inclusive equal opportunity employer committed to recruiting and retaining a diverse workforce and providing a work environment that is free from discrimination and harassment based upon any legally protected status or protected characteristic, including but not limited to an individual’s sex, race, color, ethnicity, national origin, age, religion, disability, sexual orientation, veteran status, gender identity, or pregnancy.